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National Internal Revenue Code of 1997 5th Edition
With the rapidly changing technology and the constantly changing needs of today’s learners, the traditional face-to-face approach is swiftly losing its significance and becoming less feasible in the new normal.
On April 8, the Bureau of Internal Revenue (BIR) released Revenue Regulations (RR) No. 5-2021 which implements certain provisions of the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act. It particularly implements the new Corporate Income Tax (CIT) rates, new income tax rates on certain passive incomes, and additional deductions from gross income of corporations and sole proprietors.
THE BUREAU of Internal Revenue’s (BIR) Revenue Regulations (RR) and other issuances on transfer pricing (TP) are relatively evolving. In 2013, the BIR issued RR No. 2-2013 which outlines Philippine transfer pricing regulations and the guidelines in applying the arm’s length principle for cross-border and domestic transactions between related parties.
Several sectors of the Philippine economy are still grappling with the effects of the coronavirus disease 2019 (Covid-19) pandemic. While e-commerce providers continue to gain ground during the new normal because of the nature of their services, other industries like travel and retail are still addressing challenges following the onset of the global health contagion.
The Bureau of Internal Revenue has issued Revenue Memorandum Circular (RMC) 63-2021 for the dissemination of the provisions under Republic Act 115171 or “An Act authorizing the President to expedite the processing and issuance of National and Local Permits, Licenses and Certifications in times of National Emergency.”
Filipinos have grown accustomed to celebrating festivities. However, things changed when the pandemic set in. Towards the close of the first half, it seems many celebrations have been called off due to safety concerns and travel restrictions. Without the pandemic, many would have been busy preparing for the Flores de Mayo and the Santacruzan.
The Social Security System (SSS) has recently issued Circular 2021-005 to clarify the meaning and coverage of earnings declared of self-employed members in accordance with the implementation and intent of Section 19-A of the Social Security Act of 2018, otherwise known as Republic Act 11199.
When the term “family business” pops in a conversation, we tend to conjure an image of a small- or mid-sized business that has been handed down from one generation to another, much like an inheritance. Although some of these family-owned firms fit this description, such notion is not broad enough to encompass the major role of family businesses in boosting growth in the global economy.
